REAL ESTATE MARKET

A total of 545 million homes were sold in the US in 2016. Housing supplies in later December, 2016, fell 10.8%. Skimpy inventory is expected to act as a headwind in 2017. After the housing crash, many homeowners owed more on their mortgage than their homes were worth. Owners are waiting to realize bigger equity gains before putting their homes on the market.

According to an article in Putnam-Northern Westchester Express of the Journal News on January 26, 2017 by Akiko Matsuda, the lower Hudson valley housing market was the busiest in 2016 since 2011. The Hudson Gateway Association of Realtors, Inc. reported 18,145 closing of residential homes in Westchester, Putnam, Rockland and Orange Counties. This figure is 2019 higher or 12.5% more than in 2015.

The largest percentage gain in volume was in Orange County where sales of single family homes were up 26.7% from 2015. The number of sales in 2016 in Westchester, Putnam and Rockland Counties showed growth in 2016 up by 8.4% in Westchester, 21.7% in Putnam and 12% in Rockland compared to 2015. The volume of sales far exceeded the pace of inventory. Putnam’s replenishment year end inventory in 2016 was down 31.2%; Westchester inventory was down 21.2%, Orange down 20.8% & Rockland 16.1% down compared to inventory in 2015. Despite the high levels of sales and low inventory, the median price of homes have not risen that much. In Westchester, single family homes had a median price drop for two years in a row. In 2014, it was $635,000 in 2015, 628,875 and 624,000 in 2016. The median sales price of Rockland & Putnam single family homes went up 2.4% and 4.8% respectively.

The same author, Akiko Matsuda published an article on January 18, 2017, on the front page of The Journal News entitled “Local housing market strong”. 2016 was the lower Hudson valley busiest year since 2011. The increase in sales in Westchester, Putnam, Rockland & Orange Counties were up 12.5% from 2015. The largest percentage gain in volume was greatest in Orange County where sales were up 26.7% from 2015. The number of single family homes sold in Westchester was up 8.4%, Putnam 21.7% and 12% in Rockland County.

The trend of a strong market sales of single family homes in the first quarter of 2017 in the lower Hudson valley continued from 2016. In the first quarter of 2017, Rockland homes sales were up 29.3%. A total of 444 single family homes were sold in Rockland in the first quarter, up by 23.7% compared to 2016. First quarter sales of condominiums were also up in Rockland in the first quarter of 37.2% from a year ago. If homes are priced properly, they are selling very quickly. In Westchester, the total sales in the first quarter of 2017 was up 4.4% from 2016.

The pace of single family homes sales exceeded properties coming on the market in Westchester and Rockland with 17.1% less inventory than 2016. According to an article by Akiko Matsuda on April 17, 2017 entitled “region’s housing market strong”, in Rockland, the tight inventory has led to price increases. In Rockland, the median price of a single family home is $425,000 in the first quarter of 2017, up 6.5% from 2016 when the median price was $399,000. The median sales price in Westchester was down in 2015 to $569,950. In 2016, the first quarter median price rose to $600,000 and stayed at that price for the first quarter of 2017. In the luxury property market homes costing more than $650,000 are not selling as fast. The higher end properties of $1,000,000 and up has been taking longer to sell because young couples from New York City are having trouble to upgrade as they are finding it different to afford these luxury homes.

If you, or someone you know, are planning on selling or buying your home or condo in the lower Hudson Valley, contact the law firm of Dominick J. Robustelli & Associates, PLLC at (914) 288-0800 or at our website of WhitePlains-Injury-Lawyer.com.